Raytheon Awarded $79.2 M US Army Contract to Counter Rockets

 The U.S. Army awarded Raytheon Company (NYSE: RTN) a $79.2 million contract to develop a system that will detect and destroy incoming rockets. The solution is called the Accelerated Improved Intercept Initiative (AI3). Development will culminate in a demonstration in 18 months, followed by low rate initial production.

"Rocket attacks have cost many U.S. and allied warfighters their lives, which is why Raytheon is committed to getting this system developed and fielded as soon as possible," said Dr. Thomas R. Bussing, vice president of Raytheon Missile Systems' Advanced Missiles and Unmanned Systems product line. "Our goal is to save soldiers' lives."

Raytheon will develop and demonstrate the intercept of rockets in flight with the AI3 Battle Element, consisting of an interceptor, which Raytheon will develop, and a government furnished launcher, fire control system, and command and control system.

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"By making extensive use of existing technology and weapon systems, Raytheon will keep down both cost and risk," said Rodger Elkins, director of advanced Army systems for Raytheon Missile Systems. "Our experience in developing missiles, combined with our expertise as a mission systems integrator, will help us provide the Army with an affordable, effective weapon system capability."

About AI3

  • Will protect warfighters by intercepting rockets in flight.
  • Raytheon will begin development immediately, and demonstrate the system in 18 months.
  • Raytheon will build the interceptor and serve as a mission systems integrator for the other elements of the system.

Source: Raytheon Corporation (NYSE: RTN)
Date: Mar 5, 2012